Orange Capital has been advocating that BEE pursue strategic alternatives that enhance shareholder value. It is difficult to see how this deal is helpful in that regard. Instead it puts management further under the magnifying glass.

I tend to agree that Dan is just moving on. I think he feels like his job is done and it's time to cash out and deploy his capital elsewhere. Sometimes you leave money on the table. There appears to be more upside here, especially if they get mobile right.

Ascena Retail is a retail group, but you are correct that it is publically traded, so I will delete it from the table as it is not a PE firm. As for the "turmoil" characterization, I agree that turmoil can create opportunity, but in this case the opportunity extends beyond the K&G deal.

GDOT ended the quarter with nearly $5/share in unencumbered cash and generated about $25m of FCF last year, which equated to roughly $0.57 share. (per Credit Suisse) And yes, they have very little debt on their balance sheet. GDOT's a great cash flow story. Thanks value81 for highlighting their strong cash position.